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MNB lowers 2011 GDP growth forecast to 2.6%

The National Bank of Hungary has lowered its forecast for GDP growth in 2011 to 2.6% in its quarterly Inflation Report to be published on Wednesday from 2.9% in the previous report, central bank governor Andras Simor said at a press conference on Monday.

The bank lowered its projection for GDP growth in 2012 to 2.7% from 3.0%.

The bank projects average annual inflation of 3.9% in 2011, down from 4% in the previous report. The projection for 2012 was raised to 3.6% from 3.4%.